The number of active drilling rigs for oil and gas in the United States increased this week, reversing the significant drop seen the previous week, according to data released by Baker Hughes on Thursday. The total rig count rose by two to 585 rigs, though it remains 34 rigs lower compared to the same time last year.
Oil rigs saw a slight increase, rising by one to 481, which is still 30 fewer than this time last year. Gas rigs also saw a small uptick, rising by one to 98, but this figure is eight rigs lower than the same period last year. The number of miscellaneous rigs remained unchanged at six.
The latest data from the U.S. Energy Information Administration (EIA) showed a modest increase in weekly U.S. crude oil production, rising from 13.458 million barrels per day (bpd) to 13.462 million bpd. However, production is still 169,000 bpd below the record high set during the week of December 6, 2024.
Meanwhile, Primary Vision’s Frac Spread Count, which tracks the number of crews completing wells, saw a sharp decline during the week of April 11. The count dropped to 195, compared to 205 the previous week, marking a decrease of six from the start of the year.
West Texas Intermediate (WTI) crude oil prices are up on the day but remain slightly below the breakeven point for producers in the Permian Basin, according to the Dallas Federal Reserve survey. Drilling activity in the Permian Basin held steady at 289 rigs, although this is 29 fewer than at the same time last year. Rig counts in the Eagle Ford remained unchanged at 47, which is eight fewer than last year.
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